Real Estate Watch – Dan Conway & Associates
2017 Real Estate Forecast
The San Diego housing market continues to soar due to low inventory and high buyer demand. Most housing markets in the rest of the state will continue to sizzle in 2017, while most of the country could experience a cooling trend. Mortgage rates will likely hover in the 3.5% range for the short term but could rise above 4% through the first half of 2017. Loan limits could also rise next year in some parts of San Diego county in response to rising home values.
This housing market forecast comes from the Mortgage Bankers Association (MBA), which recently predicted a slight rise in mortgage rates through the end of this year. The MBA expects the average rate for a 30-year home loan to reach 3.7% by the end of 2016, and to continue rising gradually throughout 2017.
Many California cities experienced tremendous price growth over the last few years. But that’s beginning to change. Housing markets across the state are slowing down as demand softens. Affordability is an issue in many of these markets. Buying a home has become cost-prohibitive in many parts of the state, for the majority of residents. In San Diego for example, home prices are expected to rise by just 1.7% over the next 12 months, compared to a gain of 4% over the last year or so, and buyer demand will continue to rise.
Dan Conway & Associates and Pacific Sotheby’s International Realty are so very now. They are relevant, head and shoulders above today’s advertising standards, and decades ahead of the competition when it comes to customer service. Dan Conway & Associates and Pacific Sotheby’s International Realty are located at 3860 Valley Centre Dr. Suite 409 San Diego 92130. Stop by their office at The Piazza Carmel Shopping Center (next to Vons) for all your Real Estate needs.